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Question from a Newbie!!

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lhp1

I am a very casual (but consistant) player of the Powerball.  I keep one number running at all times. 

I have not read alot about the Lottery, but I have heard somewhere that you just can't go "pick up the check".    I have heard that most banks can't accept a check of that size. 

When a person wins $180M and takes the Cash Payout,  is there some procedure that you have to follow before you go to the State Office  to "get the money"???

 

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iwillhit

your lawyer,cpa and the financial planner will know exactly how to handle it.

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pacattack05

I am a very casual (but consistant) player of the Powerball.  I keep one number running at all times. 

I have not read alot about the Lottery, but I have heard somewhere that you just can't go "pick up the check".    I have heard that most banks can't accept a check of that size. 

When a person wins $180M and takes the Cash Payout,  is there some procedure that you have to follow before you go to the State Office  to "get the money"???

 

You apply for an American Express card and load the whole thing on there. I've had this conversation with a couple of friends of mine. They think I'm crazy.

The other solution is to build your own vault, with all the amenities.

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lhp1

Not that I will probably ever have to worry about having this problem,  but I was just wondering why no one has written a book about "handling the good fortune".    I know that things would vary from state to state, but the financial institution end of  it should be consistant (since it is federal).    I also wonder about why all those folks get their picture taken and their whole family's picture taken etc etc etc.  I would not want all that publicity. 

RJOh's avatar - chipmunk
RJOh

Ihp1,

If you ever win a jackpot, you'll have a chance to make those choices, and if you want to make a little extra money you can write a book about your experiences.

RJOh

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acronym007

No worries mate, you'll have plenty of money to learn where to put. Take a flight to Switzerland and open a swiss account. Believe me, we all want this problem. LOL. Cheers,

BobP's avatar - bobp avatar.png
BobP

I am a very casual (but consistant) player of the Powerball.  I keep one number running at all times. 

I have not read alot about the Lottery, but I have heard somewhere that you just can't go "pick up the check".    I have heard that most banks can't accept a check of that size. 

When a person wins $180M and takes the Cash Payout,  is there some procedure that you have to follow before you go to the State Office  to "get the money"???

 

What on earth makes you think your bank won't accept the deposit?  Did you ask them?  The transfer is electronic. The problem is your bank won't insure more then a tiny fraction of the amount and may give you some trouble as you begin to distribute the money in large chunks to investments outside their control.  You can learn more about this subject by renting DVD's of the Beverly Hillbillies, enjoy. BobP

four4me's avatar - gate1
four4me

you win that money you call me and for a small nominal fee i will show you how easy it is to get your check and make the deposit set up a porfolio and spend a million dollars all in one day.

 

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MrBobb

Here's an interesting article, written about 10 years ago, that has some good information:

"JACKPOT! - We should all be so lucky. But if it happened, would you be ready for the momentous life-change of winning a lottery?"

http://www.note.com/note/pp/jackpot.html





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